play videoFounder of now-defunct Capital bank, William Ato Essien
Founder of now-defunct Capital Bank, William Ato Essien has pleaded guilty to charges of misappropriation of depositors' funds and other counts of stealing, abetment to stealing, conspiracy to steal and money laundering among others.
This was after the court accepted the terms of agreement reached between lawyers of Mr. Essien and the prosecution to pay a total of GH¢90 million as refund to the state.
He was subsequently convicted on his own plea pursuant to the agreement by the parties.
Prosecution, represented by the Deputy Attorney General, Alfred Tuah-Yeboah explained, having been asked by the judge how both parties arrived at the GH¢90 million amount.
According to him, investigations conducted by the state showed that some 65 million and GH¢35 million belonging to Capital Bank were used by another company; Capital African Group to acquire shares in Capital Bank.
Upon realising this through its investigations, the prosecution said the share acquisition was reversed and the money was retained by Capital Bank.
These amounts formed part of some GH¢192 million the accused persons have been charged with and therefore, the share acquisition was revoked and the amount retained.
The prosecution further noted that the total amount from these two transactions is GH¢100 million and therefore the outstanding amount out of GH¢192 million currently stands at GH¢92 million.
Ato Essien is standing trial with the Managing Director (MD) of the defunct bank, Fitzgerald Odonkor, and the MD of MC Management Services, a company said to be owned by Essien, Tettey Nettey.
The prosecution has accused the three persons of engaging in various illegal acts that led to the dissipation of a chunk of the GH¢620 million liquidity support given to the Capital Bank by the BoG between June 2015 and November 2016.